Nokia 2015 Annual Report Download - page 144
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142 NOKIA IN 2015
5. Revenue recognition
EURm 2015 2014 2013
Continuing operations
Revenue from sale of products and licensing 7 060 6 462 5 489
Nokia Networks 6 036 5 884 4 960
Nokia Technologies 1 024 578 529
Revenue from services 5 395 4 961 5 310
Nokia Networks 5 395 4 961 5 310
Contract revenue recognized under percentage
of completion accounting 59 353 1 012
Nokia Networks 59 353 1 012
Eliminations and Group Common Functions (15) (14) (16)
Total 12 499 11 762 11 795
Revenue recognition-related positions for construction contracts in progress at December 31:
EURm
2015 2014
Assets Liabilities Assets Liabilities
Contract revenues recorded prior to billings 16 82
Billings in excess of costs incurred 29 40
Advances received – 1
Retentions 2 12
Assets are included in accounts receivable and liabilities are included in accrued expenses in the consolidated statement of nancial position.
The aggregate amount of costs incurred and prots recognized, net of recognized losses, for construction contracts in progress since inception
are EUR 670 million at December 31, 2015 (EUR 4 219 million in 2014), the majority of which relate to projects near completion. The decrease in
the aggregate amount of costs incurred and prots recognized is in line with the decrease in revenue recognized under contract accounting.
Notes to consolidated nancial statements continued